GCC Specialty Chemicals Market

GCC Specialty Chemicals Market Size, Share, Growth Analysis, By Application(Paint & Coatings, Antioxidants, Biocides, and others), By Type(Specialty Polymers, Textile Chemicals, Dyes & Pigments, Agrochemicals), By Region - Industry Forecast 2024-2031


Report ID: SQMIR15E2390 | Region: Regional | Published Date: February, 2024
Pages: 242 |Tables: 66 |Figures: 75

GCC Specialty Chemicals Market Insights

GCC Specialty Chemicals Market size was valued at USD 799.4 billion in 2019 and is poised to grow from USD 832.97 billion in 2023 to USD 1157.64 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

Growing investments in construction, oil, gas, and automotive sectors is likely to be the major driving factor of the GCC Specialty Chemicals Market. Big construction projects in several countries such as smart city projects including NEOM are likely to fuel the market throughout the forecast period. Rising focus of the governments across GCC region on the diversification of economy in order to reduce their reliance on oil revenue is projected to create ample opportunities for other segments such as personal care & cosmetics, industrial cleaners, textile chemicals, and food additives. For instance, in September 2020, Henkel AG & Co. KGaA announced to invest USD 23 million to expand its manufacturing facilities of liquid hand soap and hand sanitizer in the region of Switzerland and the United States.

Expanding population along with the increasing rate of urbanization has driven the demand for specialty chemicals. In addition, the expanding consumer base is expected to translate into higher demand for vehicles and automotive parts. As a result, the demand for specialty chemicals from polymers, catalysts, and CASE are projected to have a positive growth rate in the GCC Specialty Chemicals Market during the forecast period.

Market Snapshot - 2024-2031

Global Market Size

USD 799.4 billion

Largest Segment

Paint & coatings

Fastest Growth

Paint & coatings

Growth Rate

4.2% CAGR

Global GCC Specialty Chemicals Market ($ Bn)
Country Share for Asia Pacific Region (%)

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GCC Specialty Chemicals Market Segmental Analysis

GCC Specialty Chemicals Market is segmented on the basis of type, application, and region. By type, the market is sub-segmented into specialty polymers, textile chemicals, dyes and pigments, agrochemicals and others. By application, the market is categorized into paint & coatings, antioxidants, biocides, and others. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.

GCC Specialty Chemicals Market Analysis by Application

By application, the market is categorized into paint & coatings, antioxidants, biocides, and others. In which, paint & coatings dominated the market and is expected to maintain its dominance at a CAGR of 5% during the forecast period. They have major applications in the building & construction industry, automobile & marine, industrial woods, and others. For instance, in August 2021, PPG introduced PPG ENVIROCRON PCS P4 powder coatings for architectural, home décor, and furniture applications. This latest generation powder meets the increasing demand for premium-textured surfaces in application ranging from aluminum and steel substrates.

Moreover, the antioxidant segment is poised to witness significant growth during the forecast period owing to decrease in their costs, increasing investment, and product approval by regulatory authorities. For instance, in January 2019, BASF SE inaugurated its new antioxidant compounds manufacturing facility in Shanghai, China, with a n annual capacity of around 42,000 tons.

GCC Specialty Chemicals Market Analysis by Type

By type, the market is sub-segmented into specialty polymers, textile chemicals, dyes and pigments, agrochemicals and others. Out of these, the agrochemicals segment dominated the market in 2021 and is projected to maintain its dominance over the forecast period. Growing population base, combined with the rising food demand, is increasing the adoption of agrochemicals for improved production and protection of crops. Furthermore, increasing awareness among farmers about the benefits and features of agrochemicals is also fueling the market’s growth.

Global GCC Specialty Chemicals Market By Application, 2023 (%)

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GCC Specialty Chemicals Market Regional Insights

Globally, the Asia Pacific region dominated the market with a value of USD 291.2 billion in 2021, and is expected to continue its dominance throughout the forecast period. This can be attributable to the large chemical production base concentrated in China and India. China has emerged as the hub for the production of specialty chemicals owing to easy availability of raw materials and cheap labor cost. By 2020, one half of the global construction spending was from APAC countries with China, Indonesia, Japan, South Korea, and Malaysia exhibiting the highest growth potential. These factors are likely to increase demand in the GCC Specialty Chemicals Market in the coming years.

Moreover, North America is a major consumer of biocides, cosmetic chemicals, corrosion inhibitors, institutional cleaners, and synthetic lubricants. The expanding demand for construction chemicals from the U.S. and Canada. An increase in investments in the infrastructure projects has also enabled North America to have a continued market growth. For instance, according to the report by the GPCA, construction chemicals accounted for 0.8 MMT in 2021 and are projected to reach 0.9-1.0 MMT by 2028.

Global GCC Specialty Chemicals Market By Region, 2024-2031
  • Largest
  • Fastest

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GCC Specialty Chemicals Market Dynamics

GCC Specialty Chemicals Market Drivers

Rise of Construction Activities to Bolster Market Growth

  • The expanding numbers of development and construction projects across the globe will drive the growth and demand in the GCC Specialty Chemicals Market. Some of the most important elements of a construction process include chemicals used for surface treatment, foaming agents, and coatings. They therefore made up a large piece of this market.
  • Development in supply chain management, strategic sourcing, and ecommerce has increased awareness and transparency of the consumers. Most specialty chemicals industries, including automotive coatings, catalytic fluid cracking, pharmaceuticals additives, antioxidants, and water treatment have long been willing to provide services alongside products.

GCC Specialty Chemicals Market Restraints

Health and Environmental Concerns to Hinder Market Growth

  • The majority of specialty chemicals are synthetic, which can adversely affect the environment. Due to their toxic nature, environmental protection authorities have placed several restrictions on the use of synthetic chemicals, which can hinder the GCC Specialty Chemicals Market growth throughout the forecast period. For example, the European Union banned uses of some specialty chemicals including atrazine and acetochlor, and in June 2015, glyphosate was banned for use in the garden and lawns by France and Denmark.

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GCC Specialty Chemicals Market Competitive Landscape

The GCC Specialty Chemicals Market is fairly competitive with the presence of some big and medium size players across the world. Increasing research & developments, adoption of new technologies, cost effective products, and acquisition are some of the major strategies opting from several market players. For example, in July 2021, Rossari Biotech Ltd., a specialty chemicals manufacturer, announced the acquisition of Tristar Intermediates at an enterprise value of 120 crore.

GCC Specialty Chemicals Market Top Players Company Profiles

GCC Specialty Chemicals Market Recent Developments

  • In July 2021, Platinum equity announced their acquisition of Solenis, a manufacturer of specialty chemicals from Clayton, Dubilier & Rice, and BASF with a value of USD 5.25 billion and then merged it with Sigura Water. This merger will enable Sigura to scale up its water-treatment products and other types of chemical supply to meet the market demand.
  • In May 2021, Canlak Inc., a Canadian coatings company, and Valentus Specialty Chemicals, a U.S.-based company, have both been acquired by SK Capital, a private investment firm with a primary focus on the specialty chemicals and pharmaceuticals sectors.
  • In July 2021, The H2O Innovation Specialty Chemicals Group was formed through the merger of the two specialty chemicals business lines of H2O Innovation Inc., PWT and Genesys. This company will increase the facility's manufacturing capacity in Chekshire, United Kingdom.

GCC Specialty Chemicals Key Market Trends

  • Major market participants are looking to expand their businesses and to create a unique blend of novel specialty chemicals manufacturing facilities. For instance, in January 2021, Huntsman announced that they have agreed to acquire Gabriel Performance Products, a North American manufacturing company that deals with epoxy curing agents and additives, to their product portfolio.
  • Technology advancements and the developments such as the discovery of the Khalij al-Bahrain field in Bahrain and the techniques of advanced recovery for increasing natural gas production in Oman are likely to create the demand in the GCC Specialty Chemicals Market over the forecast period.

GCC Specialty Chemicals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business intelligence, Research and Analysis Wing) is our Business Information Services team that collects, collates, co-relates and analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the GCC Specialty Chemicals Market is witnessing a significant growth during the forecast period due to the increasing investments, growing number of construction projects, and expanding population. In addition, rising governments focus on the diversification of the economy to reduce dependence on oil revenue is likely to be the key factor driving the market’s growth in the coming years.

Report Metric Details
Market size value in 2023 USD 799.4 billion
Market size value in 2031 USD 1157.64 billion
Growth Rate 4.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Paint & Coatings, Antioxidants, Biocides, and others
  • Type
    • Specialty Polymers, Textile Chemicals, Dyes & Pigments, Agrochemicals, and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on GCC Specialty Chemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on GCC Specialty Chemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the GCC Specialty Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the GCC Specialty Chemicals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the GCC Specialty Chemicals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the GCC Specialty Chemicals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

GCC Specialty Chemicals Market size was valued at USD 799.4 billion in 2019 and is poised to grow from USD 832.97 billion in 2023 to USD 1157.64 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The GCC Specialty Chemicals Market is fairly competitive with the presence of some big and medium size players across the world. Increasing research & developments, adoption of new technologies, cost effective products, and acquisition are some of the major strategies opting from several market players. For example, in July 2021, Rossari Biotech Ltd., a specialty chemicals manufacturer, announced the acquisition of Tristar Intermediates at an enterprise value of 120 crore. 'Saudi Basic Industries Corporation (SABIC)', 'Gulf Petrochemicals and Chemicals Association (GPCA)', 'Dow Chemical Company', 'Arkema Group', 'BASF SE', 'Solvay SA', 'Akzo Nobel NV', 'Clariant AG', 'Huntsman Corporation', 'Henkel AG & Co. KGaA', 'Evonik Industries AG', 'Momentive Performance Materials Inc.', 'Ecolab Inc.', 'Air Products and Chemicals, Inc.', 'Lubrizol Corporation', 'Ashland Holdings Inc.', 'Wacker Chemie AG', 'Innospec Inc.', 'Chemtura Corporation', 'Kraton Corporation'

The expanding numbers of development and construction projects across the globe will drive the growth and demand in the GCC Specialty Chemicals Market. Some of the most important elements of a construction process include chemicals used for surface treatment, foaming agents, and coatings. They therefore made up a large piece of this market.

Major market participants are looking to expand their businesses and to create a unique blend of novel specialty chemicals manufacturing facilities. For instance, in January 2021, Huntsman announced that they have agreed to acquire Gabriel Performance Products, a North American manufacturing company that deals with epoxy curing agents and additives, to their product portfolio.

Globally, the Asia Pacific region dominated the market with a value of USD 291.2 billion in 2021, and is expected to continue its dominance throughout the forecast period. This can be attributable to the large chemical production base concentrated in China and India. China has emerged as the hub for the production of specialty chemicals owing to easy availability of raw materials and cheap labor cost. By 2020, one half of the construction spending was from APAC countries with China, Indonesia, Japan, South Korea, and Malaysia exhibiting the highest growth potential. These factors are likely to increase demand in the GCC Specialty Chemicals Market in the coming years.

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